Hollywood has never had a better style role model than Cate Blanchett. She takes fashion seriously, but never suffers for what-are-you-wearing fools on the red carpet. Furthermore, she respects a designer's craft, even flying to Milan to toast Giorgio Armani’s 40th anniversary. “When you develop genuine relationships,” she says, “it’s important to honor them.” These are just a few of the reasons why we're honoring Blanchett in our first-ever list of the 50 Best Dressed Women in Hollywood.

Our favorite look of hers this year? Her choice to combine a humble black dress (OK, it was still couture by John Galliano for Maison Margiela) with Tiffany & Co. turquoise jewelry at the Oscars. It was downright dynamite.